Subject to Inquiry

Subject to Inquiry


Government Investigations and White Collar Litigation Group

Monthly Archives: April 2011

Financial Institution Regulation

Uniform Fiduciary Standard for Brokers Put on Hold

The SEC will not implement a uniform fiduciary standard for retail investment advice in Spring of 2011, contrary to the recommendations of the Commission’s staff.  The SEC’s staff recommended adoption of a uniform standard in its Study on Investment Advisers and Broker-Dealers, submitted to Congress on January 21, 2011, but resistance from SEC Commissioners Kathleen… Continue Reading
Anti-Bribery and Corruption

DOJ, FCPA and Pharma: Participation Pays

As discussed in a July 2010 Subject to Inquiry post, DOJ put Big Pharma on notice that it intended to aggressively investigate potential violations of the Foreign Corrupt Practices Act (FCPA) within the pharmaceutical and medical device industry.  Well, they meant what they said. Johnson & Johnson, the New Jersey-based multi-national pharmaceutical, medical devices and… Continue Reading
Anti-Bribery and Corruption, Compliance, Enforcement and Prosecution Policy and Trends

The Guidance: Potential liability of parties involved in joint ventures

In specifically addressing the potential liability of companies which are party to joint ventures in the way that it has, and identifying the actions such parties should take to enable them to rely on the "adequate procedures" defence, the Guidance appears to have severely restricted the basis upon which the SFO can seek to bring a prosecution against a company which has 'wilfully shut its eyes' to the corrupt activities of its joint venture partner. Is this a further example of the corporate offence being watered down under the guise of providing further clarity?… Continue Reading
Election and Political Law

A Question of Ethics: Employees Can Be Liable in Donation Schemes

A recent internal investigation by the Fiesta Bowl renews concerns about attempts to circumvent the limitations on corporate campaign contributions by reimbursing employees for contributions made in their own names.  Liability for such schemes can extend even to the employees who agree to make such contributions, often under pressure from their employers.  The latest Question of… Continue Reading